Import/Export Industry Notifications
30 July 2020
THE HINDU | Next round of import tariff hikes targeting China
30 July 2020
India is working to ensure that the next round of import tariff hikes targeting China includes items that are covered under free trade agreements with other trade partners. This is done to insulate them, and for which domestic capacities and alternatives exist to avoid shortages. The Commerce and Industry Ministry has received inputs from various industry bodies and the council's proposing items where import duties can be increased. The suggestions are being vetted for their appropriateness and a final list is being drafted.
30 July 2020
THE HINDU | Indian Railways hopes to become fully ‘Made in India’ in a year
30 July 2020
Indian Railways hopes to become fully ‘Made in India’ in a year by bringing down its import dependence to nil. In 2016-17, the import content in overall-procurement was 6-7 per cent, which dropped to 1.46 per cent last year. The import content is expected to be zero from next year.
30 July 2020
CONCOR | CONCOR has flagged off a container train service to Bangladesh
30 July 2020
CONCOR has flagged off a container train service to Bangladesh, seeking to tap into the growing trade with the neighbouring country. The inaugural service ran from Concor’s Majerhat terminal in Kolkata to Bangladesh via Benapole. This will be a regular service linking nominated terminals of Concor with various stations in Bangladesh such as Benapole, Jessore, Singia, Noapara and BBW. The trains will run through the Petrapole-Benapole border of India and Bangladesh. This will meet the much-awaited demand from the trade.
30 July 2020
THE HINDU | The DGFT, on July 23, blocked the MEIS module from accepting new applications for shipping bills
30 July 2020
The DGFT, on July 23, blocked the MEIS module from accepting new applications for shipping bills with let export order (LEO) beginning April 1, 2020, to limit the issuance of any more scrips. The Merchandise Exports from India Scheme (MEIS) seeks to make India’s products more competitive in the global markets. The scheme provides incentives in the form of duty credit scrip to the exporter to compensate for his loss on payment of duties. The incentive is paid a percentage of the realised Free on Board (FOB) value (in free foreign exchange) for notified goods going to notified markets.
30 July 2020
HAPAG LLOYD | Cargo shortfall is negatively affecting HAPAG LLOYD’s ability to meet additional transport needs
30 July 2020
Since there is a significant amount of cargo shortfall close to the sailings of the planned vessels, it is negatively affecting HAPAG LLOYD’s ability to meet additional transport needs. Their goal is to reduce the amount of shipment shortfall shortly before the planned vessel departure. Hence, Hapag-Lloyd India will implement a Booking No Show Fee for export bookings from Indian ports with effect from August 15, 2020. This will be applicable for confirmed bookings where no equipment has been picked up within 7 calendar days to vessel departure. BCF tariff will be 25 USD per standard container, any size.
30 July 2020
HT | Maharashtra government is chalking out a plan to help the MSME sector
30 July 2020
The Maharashtra government is chalking out a plan to help the MSME sector which has been hit by the economic downturn due to the coronavirus outbreak. Companies are facing the burden of paying salaries during the lockdown. They have demanded that fixed electricity charges be waived. The scheme being drafted will be as per their needs. The state government was working to ensure firms operating outside the jurisdiction of MIDC get subsidy benefits on various purchases which are currently unavailable.
30 July 2020
ET | Export of iron and steel products witnessed a sharp rise of more than 100% in June
30 July 2020
Export of iron and steel products witnessed a sharp rise of more than 100% in June, even as export of engineering goods from India registered a decline of 7.24%. Out of 33 engineering export items, 27 recorded negative year-on-year growth in June, while all the six positive entries related to metals, with iron and steel being on top of the table. A drop in domestic demand, disruption in supply chain and acute shortage of construction labour led several top steelmakers to export more than 50-60% of their sales volume during the May-June period.
30 July 2020
BUSINESS STANDARD | A licence or duty credit scrip obtained through misrepresentation is voidable
30 July 2020
A licence or duty credit scrip obtained through misrepresentation is voidable but not void till it is cancelled. So long as the transferee had purchased the duty credit scrip duly issued by the competent authority and it was valid on the date of payment of duty by the transferee, the duty demand from the transferee importer, or confiscation or levy of penalty on the transferee importer, cannot be sustained. The realisation of export proceeds is not mandatory for drawback on re-exports.
30 July 2020
ET | Directorate General of GST Intelligence (DGGI) has booked three firms for tax evasion of over Rs 600 crore
30 July 2020
Directorate General of GST Intelligence (DGGI) has booked three firms for tax evasion of over Rs 600 crore. A case was booked against M/s. Fortune Graphics Limited, M/s. Reema Polychem Pvt. Ltd. and M/s. Ganpati Enterprises, who were found involved in the issuance of invoices without any actual supply of goods. The case was detected and developed by the officers on further data analytics out of a case booked against one of the exporter M/s Anannya Exim, covered in the all India joint operation, launched by DGGI-DRI in September 2019, against various exporters for fraudulently claiming IGST refund based on ineligible input tax credit (ITC).
30 July 2020
ZEE NEWS | Gang involved in allegedly stealing licenses of multiple export companies busted
30 July 2020
The Delhi Police's Cyber Cell has busted a gang involved in allegedly stealing licenses of multiple export companies by fraudulently using their information. The police had initiated a probe after receiving complaints last year from four different garment export firms alleging that their licenses of duty rebate on garment exports (RoSCTL) had been stolen from the DGFT website and transferred to multiple beneficiaries using fake Digital Signature Certificate (DSC) keys.